It has been projected that new services from the connected car space — on-demand mobility services, and data-driven services like applications, software and remote services — could generate as much as $1.5 trillion in additional revenue for the automotive industry by 2030. So, it makes sense that other companies want to get in on the action.
In 2017, Sirius acquired consumer and enterprise-connected vehicle services company Automatic — which creates connected-car OBD-II ports, adapters and related apps for iOS and Android — for $100 million. Now, it is working with Visa on the SiriusXM eWallet, designed to integrate into a vehicle’s dashboard to allow drivers and passengers to complete purchases for everyday tasks while on the go.
“Teaming up with SiriusXM is a big step forward in Visa’s quest for connected commerce across the automotive ecosystem. SiriusXM’s solid network with automotive manufacturers and established consumer interfaces, combined with our payment expertise, will help fast track the endless opportunities for drivers to safely and securely accomplish tasks during their commute,” said Olabisi Boyle, vice president of IoT Platforms for Visa, in a press release.
Users will activate and authenticate payment with their Visa account via biometric authentication so that drivers aren’t distracted while making transactions. In addition, various technologies will be utilized for safe and secure commerce, including the Visa Token Service.
“Visa is the world’s leader in digital payments, and our Connected Vehicle Services group has deep roots and a broad reach in the auto industry,” said John Jasper, senior vice president for SiriusXM Connected Vehicle Services. “Our work with Visa is a significant step in establishing the next generation of vehicle-to-everything connectivity, transforming the vehicle into a ‘hub’ that provides for real-time, convenient transactional services to drivers and passengers.”